8.—9
30
trustees to have their trusts transferred to the Public Trustee by an order of the Supreme Court in cases where— (a.) Such of the beneficiaries under the trusts as were not under disability and were in New Zealand consented : (6.) In the case of beneficiaries out of New Zealand or under disability, the Judge; was satisfied that the proposed transfer would be for the advantage of the trust property. The provision in the 1872 Act restricting the Public Trustee's powers to apply for administration within three months of the death to cases where there was no person entitled and within New Zealand ready to take a grant, and where the estate was exposed and liable to loss, waste, or injury, had been found to act to the detriment of certain intestate estates, especially when they were small, and the Act therefore provided, that administration might be granted without any proof of the absence of any person in New Zealand entitled and ready to take a grant, or that the estate was exposed and liable to loss, waste, or injury. Under ordinary circumstances, where infants are entitled to share in an estate, their share may not be paid to them until they attain the age of twenty-one. In practice this 'might readily work hardship in small estates where the whole estate cannot be made available for the benefit of the widow and family when it is most needed. Power was therefore given to the Public Trustee, in cases where the deceased had left a widow and children under fifteen years of age and the net residue of the estate did not exceed £50, to pay the whole residue to the widow ; and in similar cases where the net residue exceeded £50, to make, with the sanction of the Supreme Court, periodical payments to the widow in addition to her own share. In this Act also appeared for the first time the power given to the Public Trustee to advance out of his account moneys required for the payment of expenses in connection with, the administration of any estate. The Act also contained another novel provision. In a great many places, particularly in the towns, it had been found that there were many properties lying waste and unoccupied, regarded as nuisances and obstructions in municipal management, and in some cases in great danger of being confiscated and sold for payment of rates for much less than their actual value. Provision was therefore made enabling the Public Trustee to enter into possession of land the owner of which was unknown, or had been absent from New Zealand for ten years without leaving any known agent, and to administer it for the benefit of the true owner. Power was also given (subject to the consent of the Court) to purchase land adjoining an estate property if there were sufficient funds in the estate for the purchase and the acquisition of the adjoining land would be for the benefit or improvement of the trust property, and also (with the consent of the Court) to raise money by way of mortgage for the improvement of the trust property. In 1882 the administration of Native reserves, which had previously been in the hands of Commissioners, was transferred to the Public Trustee, and retained by him until 1920, when the work was taken over by the newly created Native Trustee. By the Administration. Act 1879 Amendment Act, 1885, the value of an estate which could be administered by the Public Trustee without taking out an order to administer was increased from £50 to £100. In 1886 an amending Public Trust Office Act was passed, adding to the Board the Minister for Native Affairs, the Surveyor-General, and the Property-tax Commissioner, and cancelling the appointment thereto of the Controller and Auditor-General (successor to the Commissioners of Audit). In this year also was passed the Local Bodies' Loans Act, which, inter alia, authorized the appointment of the Public Trustee as a Sinking Fund Commissioner. In 1891 a Commission was appointed to inquire into the working of the Public Trust Office, and as a result of that inquiry an important amending Act was passed in the same year. The original Act provided that the Public Trustee should hold office during good behaviour, and be removable from office only upon an address of both Houses of Parliament. This provision was repealed by the Act now under consideration, which directed that the Public Trustee should hold, office during pleasure, and on the same terms and conditions as officers in the ordinary Civil Service of the colony. The Act also afforded a measure of protection in respect of claims sent in after an intestate estate had been distributed. At common law an executor or administrator paid out and distributed the assets at the risk of having afterwards to account to a creditor of the estate' who subsequently put in a claim, and this notwithstanding that at the time of payment the executor or administrator had not been able to ascertain the existence of the debt. To obviate this hardship it was provided that after certain advertisements had been inserted calling upon creditors and others to send in their claims before a date specified the Public Trustee might after that date distribute the estate without being liable to any person of whose claim he had had no notice. Some difficulty having been experienced in distributing the residue of an intestate estate to residents of foreign countries entitled thereto, power was now given to appoint the Chief Consular Officer in New Zealand of a foreign country to receive moneys on behalf of the persons entitled thereto resident in such country and to give a valid receipt therefor. The limit to the value of an intestate estate which could be administered by the Public Trustee without a grant of administration was further increased to £250, while the powers of advancement were extended by providing that where the next-of-kin of a deceased intestate was unknown, and the Public Trustee had no knowledge of any proceedings taken within the period of three years from the death of the deceased person to establish the right of any person as next-of-kin to any portion of the estate, he might at the exjjiration of such period pay over the whole residue to the widow. The Act further made an important alteration with regard to the investment of trust-moneys in the hands of the Public Trustee, the Common Fund being placed on quite a new basis. The Act of 187,5, it is true, provided that all moneys not directed to be specially invested should be one
Use your Papers Past website account to correct newspaper text.
By creating and using this account you agree to our terms of use.
Your session has expired.